2012 growth depends on jobs plan: Probyn

“The recovery has been a huge disappointment,” Chris Probyn, chief economist at State Street Global Advisors, said Wednesday.

Even if the economy improved somewhat in the second half and grew at a 2% to 2.5% pace, growth for the full year 2011 will only average 1.6%.

The outlook for 2012 depends on the fate of the president’s job plan, he said.

Without any part of the plan becoming law, U.S. growth would be around 2%, Probyn said. If Congress enacts the full plan, growth would rise to about 3%.

If just the tax portion gets passes, which is what Probyn expects, growth should be around 2.5%.

- Deborah Levine

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